Interim Results

Dawnay, Day Sirius 03 December 2007 Dawnay, Day Sirius Limited Interim Results For the period ended 30th September 2007 Dawnay, Day Sirius Limited (the 'Company'), is a real estate company established to acquire large mixed-use commercial sites for upgrading to flexible workspaces in Germany. Highlights •Admitted to AIM in May 2007, raising gross proceeds of €327.8 million •Acquisition progress: + Acquired an initial portfolio of 20 sites for €206.3 million + Acquired six business parks in Mannheim, Koln, Neuaubing (Munich), Nabern (Stuttgart), Wuppertal and Solingen for €124.6 million + Completed the purchase of Bayreuth in October 2007 for €10.6 million. •Property assets revalued at €332.8 million, after an independent valuation, as at 30 September 2007 •Adjusted NAV* per share of €0.97c •Adjusted EPS** for the period of 1.48c •Maiden interim dividend of 1.0c per share •Positive SME market and strong demand for high quality flexible workspace * Adjusted NAV excludes deferred tax. ** Adjusted EPS excludes revaluation deficit, deferred tax and the weighted average number of shares is calculated from IPO. Dick Kingston, Chairman of Dawnay, Day Sirius Limited, said: 'We have made good progress since our Admission to AIM in May, acquiring 27 sites and building a strong operational platform to successfully transform large mixed used sites into attractive flexible workspaces. The global financial environment has reduced the number of potential purchasers for these types of properties, creating opportunities for us to acquire new sites at attractive yields. As a consequence, the Company is well positioned to continue to build a substantial property portfolio and a market leading business in flexible workspace in Germany.' Further Enquiries Dawnay, Day Sirius Real Estate Asset Management Limited Kevin Oppenheim 020 7861 0550 Alistair Marks www.dawnaydaysirius.com JPMorgan Cazenove Robert Fowlds 020 7588 2828 Bronson Albery KBC Peel Hunt Capel Irwin 020 7418 8900 Cardew Group Tim Robertson 020 7930 0777 Shan Shan Willenbrock Catherine Maitland Chairman's Statement I am pleased to announce the Company's first set of results since a successful admission to AIM in May 2007 when we raised gross proceeds of €327.8 million. We have made good progress in this first period as a public company. Apart from completing the acquisition of the initial portfolio of 20 sites, a further six properties were acquired during the period for a total consideration of €124.6 million with a net initial yield of 7.5%. In addition, a further acquisition was completed for €10.6 million in October. The business plan is on track and the Asset Manager is rapidly developing a strong operating platform with 68 staff now in place. The Asset Manager continues to actively recruit in order to support the expanding business which currently consists of 27 business parks with a lettable area of circa 700,000 sqm. Acquisition and conversion of large mixed use commercial real estate into attractive flexible workspaces requires a highly specific range of skills. As a result, we are one of the only property companies operating within this marketplace on a nationwide level in Germany. The current turbulent conditions in the credit markets have further reduced the already limited competition for potential acquisitions. We have in place a healthy pipeline of potential opportunities in excess of €290 million at attractive yields. Results Gross rental income for the period was €6.8 million. Operating profit, excluding property revaluation, was €3.9 million. It is important to note that the Company only began trading in May and the properties have been acquired throughout the period under review. As at 30 September 2007, the portfolio had an annualised gross rent roll of €25.7 million. The portfolio's total lettable area of circa 700,000 sqm is currently 73% occupied, creating an estimated rental value on the vacant space of circa €9 million. A revaluation deficit of €2.7 million, due to the acquisition costs and capital expenditure, reduced profit after tax to €1.5 million. The adjusted profit after tax, which excludes revaluation deficit and deferred tax, was €4.8 million. EPS adjusted on the same basis was 1.48c. Revaluation and Net Asset Value The portfolio has been valued by DTZ Zadelhoff Tie Leung GmbH as at 30 September 2007 at €332.7 million, slightly down on the corresponding purchase price of €335.4 million which includes the costs of acquisitions and capital expenditure. Excluding these costs, the corresponding revaluation surplus was €8.0 million, an uplift of 2.4%. The adjusted net asset value per share is currently €0.97 per share. Financing As at 30 September 2007, the Company's borrowings totalled €47.0 million, secured on 11 properties. The weighted average interest rate on these facilities is 5.18%. Since the end of the period the Company has completed a further draw down of €76 million against 7 properties under the ABN AMRO Bank facility on similar terms as agreed on the original facility. We are confident of obtaining the necessary bank financing for the acquisitions to date as well as new acquisitions going forward. The current interest cover of the 18 properties that have been financed is 1.6 times. After taking into account its cash position, the net debt of the Group as at 30 September 2007 was €4.5 million. The Company has existing authorisation to purchase up to 14.99% of its issued ordinary shares. The Board may choose to exercise its power to purchase the Company's shares and will only do so opportunistically and in the best interests of the shareholders. Any shares purchased pursuant to the authorisation will be held in treasury. Dividend Our dividend strategy is to distribute approximately 60-80% of the annual distributable profit pool via dividend payments on an interim and final basis. I am therefore pleased to announce a maiden interim dividend of 1.0c per share. The dividend will be paid on 11 January 2008 to shareholders on the register as at 14 December 2007. The ex-dividend date will be 12 December 2007. Asset Management Dawnay, Day Sirius Real Estate Asset Management Limited (the 'Asset Manager') has expanded its team in Germany and now employs 68 people, compared to 27 at the time of IPO, all of whom are dedicated to the management of our growing portfolio. During the period the 'Sirius Facilities' branding had been completed on 15 of the 23 core sites with the remaining eight to be completed before the financial year end. In addition to the branding, the transformation process had commenced at many sites which typically involves sub dividing the property into good quality flexible workspace, installing an on-site management team and providing complementary facilities such as a cafe (LB2 cafes) and health club. It also includes refurbishment of the vacant space to bring it into a lettable condition. Demand for the vacant space remains high and we are resourced to take full advantage of this. Rents start at a low base, ranging from €2 to €8 per sq m, with the average rent being €3.9 per sq m, enabling the Company to achieve significant rental growth potential through the Sirius branding and transformation. In addition, development plans on the surplus land are in progress and construction work will commence on two sites imminently. We are very pleased with the progress on the transformation of the acquired sites and the significant value added opportunities from the new acquisitions. Further Progress and Outlook Since the period end, we have completed the purchase of another property, notarised another and expect to notarise a further two others before the end of the calendar year. This will bring the total value of the portfolio to around €371 million, which is just under half of the €750 million target to be achieved within 18 months of IPO. As already mentioned the current market conditions are positive for the Company. Competition for acquisitions is further decreasing as there are fewer buyers of assets that require active management in the market. We continue to be highly selective on future acquisitions to ensure that the quality of the portfolio is not compromised. The German economy and SME sector both remain buoyant and consequently the demand for flexible workspace remains strong. In 2006, more than 42% of SMEs planned new investments, which was the fourth successive year of growth, and with unemployment falling from 12% in 2005 to 8.7% in October 2007, the German government forecasts economic growth of 2.4% in 2007 and 2.0% in 2008. We believe that we are in an excellent position to exploit the current opportunities and that our business model will add significant value through rebranding and transformation. The Board is confident that the business is on track to deliver on the strategy set out at flotation and looks forward to reporting on further progress in the future. Unaudited consolidated income statement For the period to 30 September 2007 (Unaudited) Notes Period to 30 September 2007 €000 Gross rental income 4 6,780 Direct costs 5 (2,064) ------ Net rental income 4,716 ------ Deficit on revaluation of 9 (2,715) investment properties Administrative expenses 5 (604) Other operating expenses 5 (203) ------ Operating profit 1,194 Finance income 4 2,427 Finance expense (1,208) ------ Profit before tax 2,413 Income tax charge 6 (883) ------ Profit for the period 1,530 ------ Attributable to: Equity holders of the parent 1,624 company Minority interests (94) ------ Profit for the period 1,530 ------ Earnings per share Basic and Diluted, for profit for 0.47c the period attributable to ordinary equity holders of the 7 parent Unaudited consolidated balance sheet As at 30 September 2007 (Unaudited) Notes 30 September 2007 €000 Non-current assets Investment properties 9 332,700 Plant and equipment 61 Deferred tax asset 814 -------- Total non-current assets 333,575 -------- Current assets Trade and other receivables 3,153 Prepayments 1,747 Cash and cash equivalents 42,502 -------- Total current assets 47,402 -------- Total assets 380,977 -------- Current liabilities Trade and other payables (11,339) Interest-bearing loans and borrowings 10 (23,891) Tax payable (287) -------- Total current liabilities (35,517) -------- Non-current liabilities Interest-bearing loans and borrowings 10 (23,112) Deferred tax liabilities (1,410) -------- Total non-current liabilities (24,522) -------- Total liabilities (60,039) -------- Net assets 320,938 -------- Equity Issued share capital 12 - Retained earnings and other reserves 318,964 -------- Total equity attributable to the equity 318,964 holders of the parent Minority interests 1,974 -------- Total equity 320,938 -------- Unaudited consolidated statement of changes in equity For the period to 30 September 2007 Issued Share Retained Total equity Minority Total Share premium earnings attributable interests equity capital and to the other equity reserves holders of the parent €000 €000 €000 €000 €000 €000 As at - - - - - - incorporation Profit for the - - 1,624 1,624 (94) 1,530 period Issue of share - 327,800 - 327,800 - 327,800 capital Transaction costs - (10,460) - (10,460) - (10,460) of share issue Court approved - (317,340) 317,340 - - - capital reduction Minority - - - - 2,068 2,068 interests in companies acquired -------------------------------------------------------- As at 30 September 2007 - - 318,964 318,964 1,974 320,938 -------------------------------------------------------- Unaudited consolidated cash flow statement For the period to 30 September 2007 (unaudited) Period to 30 September 2007 €000 Cash flows from Operating activities Profit before taxation 2,413 Adjustments for: Deficit on revaluation of 2,715 investment properties Depreciation 2 Finance income (2,427) Finance costs 1,208 ------ 3,911 Increase in trade and other (5,110) receivables Increase in trade and other 10,223 payables ------ Cash generated from operations 9,024 Finance costs paid (785) ------ Net cash inflow from operating 8,239 activities ------ Cash flows from investing activities Purchase of investment properties (331,607) Purchase and development of property, plant and equipment (902) Interest received 2,427 --------- Net cash outflow from investing (330,080) activities --------- Cash flows from financing activities Issue of share capital 327,800 Costs of initial public offering (10,460) Receipt of bank loans 47,003 --------- Net cash inflow from financing 364,343 activities --------- Increase in cash and cash 42,502 equivalents Cash and cash equivalents at 0 incorporation --------- Cash and cash equivalents at 30 42,502 September 2007 --------- INDEPENDENT REVIEW REPORT TO DAWNAY DAY SIRIUS LIMITED Introduction We have been engaged by the company to review the condensed set of financial statements in the interim report for 30 September 2007 which comprises the consolidated income statement, consolidated balance sheet, consolidated statement of changes in equity, consolidated cash flow statement and the related explanatory notes. We have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements. This report is made solely to the company in accordance with the terms of our engagement. Our review has been undertaken so that we might state to the company those matters we are required to state to it in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company for our review work, for this report, or for the conclusions we have reached. Directors' responsibilities The interim report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly report in accordance with the AIM Rules. As disclosed in note 2, the annual financial statements of the group are prepared in accordance with IFRSs as adopted by the EU. The condensed set of financial statements included in this half-yearly report has been prepared in accordance with the recognition and measurement requirements of IFRSs as adopted by the EU. The next annual financial statements of the group will be prepared in accordance with IFRSs as adopted by the EU. The accounting policies that have been adopted in preparing the condensed set of financial statements are consistent with those that the directors currently intend to use in the next annual financial statements. There is, however, a possibility that the directors may determine that some changes to these policies are necessary when preparing the full annual financial statements for the first time in accordance with IFRSs as adopted by the EU. Our responsibility Our responsibility is to express to the company a conclusion on the condensed set of financial statements in the half-yearly report based on our review. Scope of review We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity issued by the Auditing Practices Board for use in the UK. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the interim report for the period ended 30 September 2007 is not prepared, in all material respects, in accordance with the recognition and measurement requirements of IFRSs as adopted by the EU and the AIM Rules KPMG Channel Islands Limited Chartered Accountants Guernsey Date Notes (forming part of the financial statements) 1. GENERAL INFORMATION Dawnay, Day Sirius Limited (the 'Company') is a company incorporated and domiciled in Guernsey whose shares are publicly traded on AIM. The consolidated financial statements of Dawnay, Day Sirius Limited comprise the Company and its subsidiaries (together referred to as the 'Group'). The principal activity of the Group is investment in and development of commercial property to provide flexible workspace in Germany. The Company acts as the investment holding company of the Group. 2. SIGNIFICANT ACCOUNTING POLICIES (a) Basis of preparation The consolidated financial statements have been prepared on a historical cost basis, except for investment properties that have been measured at fair value. The condensed financial statements are presented in Euros, the functional currency of the Group and all values are rounded to the nearest thousand (€'000) except when otherwise indicated. The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards adopted for use in European Union (IFRS), IFRIC interpretations, and also to comply with the Companies (Guernsey) Law, 1994. The period from incorporation on 20 February 2007 to 30 September 2007 is the first period of the Group's operation, and therefore no comparatives are presented. The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of policies and reported values of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are readily apparent from other sources. Actual results may differ from these estimates. The key estimates and assumptions relate to the property valuations applied by the Group's property valuers. (b) Basis of consolidation The condensed financial statements comprise the financial statements of Dawnay, Day Sirius Ltd and its subsidiaries as at 30 September 2007. The financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. A subsidiary is an entity controlled by the Group. They are consolidated under the acquisition method from the date the Group obtains control, and de-recognised when control ceases. All intra-group balances, transactions, income and expenses and profit and losses resulting from intra-group transactions that are recognised in assets, are eliminated in full on consolidation. Notes (forming part of the financial statements) Minority interests represent the portion of profit or loss and net assets not held by the Group and are presented separately in the income statement and within equity in the consolidated balance sheet, separately from parent shareholders' equity. (c) Acquisitions Acquisitions of corporate interests in property are accounted for on consolidation as if the Group had acquired the underlying property asset directly. Accordingly no goodwill arises on such acquisitions as any difference between the fair values of the assets acquired and the acquisition consideration are allocated to the investment property asset, which is subject to subsequent revaluation under IAS 40, Investment Property, to its market value. (d) Foreign Currency Translation Transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance date are translated at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in the income statement. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated at foreign exchange rates ruling at the dates the fair value was determined. (e) Revenue Recognition Revenue is recognised to the extent that is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Rental Income Rental income represents amounts receivable in respect of property operating leases earned in the normal course of business, net of sales related taxes. The income is recognised on a straight-line basis over the term of the relevant lease unless another systematic basis is more representative of the time pattern in which the benefit derived from the leased asset is diminished. Interest income Interest income is recognised as interest accrues (using the effective interest method that is the rate that exactly discounts estimated future cash receipts through the expected life of the financial instrument to the net carrying amount of the financial asset). Service charges The Directors consider that, in respect of amounts received in respect of service charges, the Group is acting as an agent rather than principal and consequently such income is not treated as revenue, rather it is set off against the costs to which such income relates. (f) Leases Under operating leases, properties or part of properties leased to tenants are accounted for as investment properties. Notes (forming part of the financial statements) (g) Taxation Current income tax The company has obtained exempt company status in Guernsey under the terms of the Income Tax (Exempt Bodies) Ordinance, 1989. The Directors intend to contact the Company's affairs so that they remain eligible for exemption. Certain subsidiary undertakings are subject to foreign taxes in respect of foreign source income. Deferred taxation Deferred income tax is provided, using the liability method, on all temporary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred income tax liabilities are recognised for all taxable temporary differences. Deferred income tax assets are recognised for all deductible temporary differences, carry-forward of unused tax assets and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, carry-forward of unused tax assets and unused tax losses can be utilised. The carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilised. The income tax liability resulting from the sale of a property asset will not arise if the shares of the company owning the asset is sold rather than asset itself. Management has decided to be prudent and provide for deferred income tax on all increases in property values subsequent to acquisition by the company. Deferred income tax liabilities for the increase in value of the initial portfolio prior to acquisition have not been recorded in these accounts. (h) Investment Properties Freehold property held to earn rental income or for capital appreciation or both is classified as investment property in accordance with IAS 40, Investment Property. The properties are initially measured at cost, including transaction costs. Additions include costs of a capital nature provided the recognition criteria are met. Subsequent to initial recognition, investment properties are revalued to fair value at each reporting date by professional valuers. Gains or losses arising from changes in the fair value values of investment properties are included in the income statement in the period in which they arise. In accordance with the fair value model in accordance with IAS 40, no depreciation is provided. Notes (forming part of the financial statements) (i) Plant and equipment Plant and equipment are stated at cost less accumulated depreciation and impairment losses. Where parts of an item of plant and equipment have different useful lives, they are accounted for as separate items of plant and equipment. Depreciation is charged to the income statement on a straight-line basis over the estimated useful lives of each part of an item of plant and equipment. The estimated useful lives are as follows - Plant and equipment 4 years - Fixtures and fittings 4 years (j) Impairment The carrying amounts of the Group's assets are reviewed at each balance sheet date to determine whether there is any indication of impairment. If any such indication exists, the asset's recoverable amount is estimated. An impairment loss is recognised whenever the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. Impairment losses are recognised in the income statement. Calculation of the recoverable amount The recoverable amount of assets is greater of their net selling price and value in use. In assessing value in use, the estimated future cash flowsare discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash-generating unit to which the asset belongs. (k) Trade receivables Trade receivables are initially recognised at fair value and subsequently measured at cost less provision for impairment where it is established there is objective evidence that the Group will not be able to collect all amounts due. The amount of the provision is the difference between the asset's carrying amount and the present values of estimated future cash flows. The movement in provision is recorded in the income statement. (l) Trade Payables Trade payables are stated at cost. (m) Provisions A provision is recognised in the balance sheet when the Group has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. If the effect is material, provisions are determined by discounting the expected, risk adjusted, future cash flows at a pre-tax risk-free rate. Notes (forming part of the financial statements) (n) Cash and cash equivalents Cash and cash equivalents comprise cash held with banks and short-term deposits with maturities of less than 3 months. (o) Bank borrowings Interest-bearing bank loans are initially recorded at the fair value, net of direct issue costs. After initial recognition, the loans are subsequently measured at amortised cost using the effective interest method. Gains and losses are recognised in the income statement when the liabilities are derecognised as well as through the amortisation process. (p) Equity Instruments Equity instruments issued by the company are recorded at the proceeds received, net of related issue costs. 3. SEGMENTAL REPORTING No segmental reporting is included in the accounts as the Group only holds investment properties in Germany and as such only has one geographical segment which is Germany and one business segment which is investment in commercial property. 4. REVENUE (Unaudited) Period to 30 September 2007 €000 Gross rental income 6,780 Finance revenue 2,427 ------ 9,207 ------ Notes (forming part of the financial statements) 5. OPERATING PROFIT The following items have been charged or (credited) in arriving at operating profit Direct costs (Unaudited) Period to 30 September 2007 €000 Service charge income (2,133) Recoverable property costs 2,133 Non-recoverable property costs 1,496 Property management fee 135 Asset management fee 433 ------ 2,064 ------ Administrative expenses (Unaudited) Period to 30 September 2007 €000 Legal and Professional fees 310 Other administration costs 294 ------ 604 ------ Other operating expenses (Unaudited) Period to 30 September 2007 €000 Directors' fees and expenses 92 Bank fees 64 Depreciation 2 Marketing fees and other expenses 45 ------ 203 ------ The Group has no full-time employees. Notes (forming part of the financial statements) 6. INCOME TAX CONSOLIDATED INCOME STATEMENT (Unaudited) Period to 30 September 2007 €000 Current income tax Current income tax charge 287 ------ Deferred tax Relating to origination and reversal of 596 temporary differences ------ Income tax charge reported in the income 883 statement ------ DEFERRED INCOME TAX LIABILITY €000 As at incorporation - Relating to origination and reversal of temporary (1,410) differences ------- Balance as at 30 September 2007 (1,410) ------- Potential deferred income tax liabilities of €6.9 million relating to the increase in property value of the initial portfolio prior to purchase by the company have not been recorded in these accounts. This has been calculated on the a tax rate of 15.825% as a result of the German corporate tax reform act 2008 being passed, which will be in force from 1 January 2008. DEFERRED INCOME TAX ASSET €000 As at incorporation - Relating to origination and reversal of temporary 814 differences ----- Balance as at 30 September 2007 814 ----- Notes (forming part of the financial statements) 7. EARNINGS PER SHARE The calculation of the basic, diluted and adjusted earnings per share is based on the following data: (Unaudited) Period to 30 September 2007 €000 Earnings Earnings for the purpose of 1,530 basic and diluted earnings per share (profit for the period attributable to the equity holders of the parent) Add back revaluation deficits 3,311 (net of related tax) ------- Adjusted earnings 4,841 ------- Number of shares Weighted average number of 327,800,000 ordinary shares for the purpose of basic earnings per share Basic and Diluted earnings per 0.47c share Adjusted earnings per share 1.48c 8. NET ASSETS PER SHARE (Unaudited) 30 September 2007 €000 Net assets Net assets for the purpose of 318,964 assets per share (assets attributable to the equity holders of the parent) Deferred tax arising on 596 revaluation of properties --------- Adjusted net assets attributable 319,560 to equity holders of the parent --------- Number of shares Number of ordinary shares for 327,800,000 the purpose of net assets per share Net assets per share 97.49c Notes (forming part of the financial statements) 9. INVESTMENT PROPERTIES €000 As at incorporation - Acquisitions 335,415 Deficit on revaluation (2,715) --------- Balance as at 30 September 2007 332,700 --------- The fair value of the Group's investment properties at 30 September 2007 has been arrived at on the basis of a valuation carried out at that date by DTZ Zadelhoff Tie Leung GmbH, an independent valuer. 10. INTEREST-BEARING LOANS AND BORROWINGS €000 Current Bank Loans 23,923 Capitalised finance charges on (32) all loans --------- 23,891 --------- Non-current Bank Loans 24,124 Capitalised finance charges on (1,012) all loans --------- 23,112 --------- Total 47,003 --------- The Group has pledged investment properties to secure related interest bearing debt facilities granted to the Group for the purchase of such investment properties. ABN AMRO Bank N.V. The ABN AMRO Bank facility has €24.3 million drawn down at the period end. The interest rate on this loan is fixed by way of interest rate swaps at a weighted average rate of 5.24%. The loan is secured on nine investment properties. Helaba Bank Two facilities exist with a total of €23.7 million draw down at the period end. One facility is fixed at 4.86% and the other is floating based on a fixed margin over EURIBOR. These facilities expire within the next six months. Notes (forming part of the financial statements) 11. ISSUED SHARECAPITAL 30 September 2007 Number of Share Shares Capital € Ordinary shares of no par Authorised unlimited - ------------------------ Issued and fully paid: 327,800,000 - ------------------------ 12. DIVIDENDS An interim dividend of 1.0c per share has been proposed. This has not been provided for in these accounts. 13. CAPITAL COMMITMENTS As at 30 September 2007 the Group had notarised the purchase of the Bayreuth property at a purchase price of €10.6 million (exclusive of related acquisition costs). 14. EVENTS AFTER THE BALANCE SHEET DATE Since the period end the Company has completed a further draw down on its ABN AMRO Bank facility of €76 million secured on seven properties. The terms of this draw down are in line with previous draw downs and the interest rate has been fixed by way of swap at 5.5%. This information is provided by RNS The company news service from the London Stock Exchange

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